You’ve invested a lot in your business. Time. Money. Blood, sweat, and tears. You need to protect that investment and hard work with appropriate commercial and small business insurance policies. Small businesses and other commercial enterprises need insurance policies that specifically addresses their needs as businesses as well as the needs of their industries too.
We understand the complexities involved in finding the right balance of insurance need vs. insurance want. With more than 50 years in the insurance industry ourselves, we believe we’re highly qualified to meet the needs of your New Jersey business now and in the future – as your business grows.
Why Do Small Businesses and Commercial Ventures Need Insurance?
All businesses need insurance. It really is as simple as that. The tricky part is in figuring out which specific types of coverage you need and how risk averse you are as a business owner. Below are important commercial and small business insurance policies to consider:
Business Owner Policy (BOP). A standard business owner policy (BOP) offers basic insurance coverage for businesses in a bundled package. Most businesses need additional coverage beyond what the standard BOP provides, though, due to specialized needs the business experiences.
Business Interruption Insurance. This helps provide income for the business so you can pay the bills that don’t stop while you’re rebuilding or repairing your business after an unforeseen event, disaster, or other peril.
Crime Insurance. Provides coverage for crimes committed against your business, such as theft, vandalism, etc.
General Liability. When someone sues your business for damages, liability insurance can be an invaluable lifeline for your business.
Property Insurance. This covers damage to business property and equipment, from fire, theft, and other covered perils.
Commercial Auto. Business auto insurance offers protection against damage to company vehicles from accidents and covered perils, as well as some liability for people injured by company vehicles. Commercial auto insurance isn’t reserved for major fleet owners. Any business that has company vehicles or offers delivery services needs business auto coverage.
Commercial and Small Business Insurance Your Business May Need
There are other types of coverage that businesses need – including some types of coverage that are industry specific. Keep these in mind as you make important insurance buying decisions on behalf of your business. Always ask your independent insurance agent for help if you’re unsure about what your business needs.
Industry Specific Insurance. Different industries have very unique and specific insurance needs. For instance, restaurants have a greater risk of fires than most other businesses as well as vulnerabilities to thinks like food spoilage, equipment breakage, and slips and falls on greasy or wet floors. Restaurant insurance packages are designed to specifically meet these unique needs. Industries that have specific insurance packages to meet their needs include:
- Assisted Living Centers
- Bowling Centers
- Auto Body and Repair Shops
- Beauty Salons
- Retail Stores
- Hotels and Motels
- And many more.
Bonds. Businesses purchase bonds for a wide range of reasons, but mostly to provide assurance that a job will be performed to certain specifications and/or within a certain time frame.
Professional Liability Insurance. This policy goes above and beyond the general liability insurance of your business. It is often referred to as errors and omissions coverage and is essential for businesses and employees who dispense advice or provide services.
Flood Insurance. No business is immune to the damage floods leave behind in their aftermath. You can’t always predict or prepare for floods, some come on suddenly and without warning, while others you can only watch helplessly as the waters slowly rise. Flood insurance is critical to repair the damage and get your business back on track when the waters recede.
Workers’ Compensation Insurance. Workers’ compensation insurance is essential protection New Jersey businesses are required, by law, to have on each employee. This insurance insulates your business from many potential lawsuits as well, making it a very wise investment for business owners.
Directors and Officers Insurance. Liability coverage that protects directors and officers when allegations of wrongful acts in their capacities as directors or officers are levied against them.
Why Are We a Great Choice for Your Commercial and Small Business Insurance Needs?
We have a long history of service to the state of New Jersey when it comes to insurance. As we prepare for the next 50 years, we’re holding true to our commitment of providing professional agents who deliver personal service. It’s our commitment to you.
As independent agents, we’re able to shop all insurance brands to find the right combination of policy and price to meet the unique needs of your small business. You don’t have to sift through so-called cheap insurance programs on the Internet in search of inexpensive coverage. We have what you need with the service you crave.
Visit us online today for a free rate quote and see for yourself how affordable full-service insurance coverage can be.